Ord 2019-003/authorizing the issuance of the City of San Marcos Special Assessment Revenue Bonds, Series 2018 (Trace Public Improvement District); approving aand authorizing an Indenture of Trust, a Bond Purchase Agreement, an Offering Memorandum, a

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INDENTURE OF TRUST THIS INDENTURE, dated as of , 2019, is by and between the CITY OF SAN MARCOS, TEXAS (the "City"), and UMB Bank, N.A., as trustee (together with its successors, the "Trustee"). Capitalized terms used in the preambles, recitals and granting clauses and not otherwise defined shall have the meanings assigned thereto in Article 1. WHEREAS, on June 4, 2015, a petition was submitted and filed with the City Clerk of the City (the " City Clerk") pursuant to the Public Improvement District Assessment Act, Chapter 372, Texas Local Government Code, as amended (the "PID Act"), requesting the creation of a public improvement district located within the corporate limits of the City to be known as Trace Public Improvement District (the "District" or "PID"); and WHEREAS, the petition contained the signatures of the owners of taxable real property representing more than fifty percent of the appraised value of taxable real property liable for assessment within the District, as determined by the then current ad valorem tax rolls of the Hays Central Appraisal District, and the signatures of record property owners who own taxable real property that constitutes more than fifty percent of the area of all taxable property that is liable for assessment by the District; and WHEREAS, on September 1, 2015, after due notice, the City Council of the City (the "City Council") held the public hearing in the manner required by law on the advisability of the improvement projects and services described in the petition as required by Section 372.009 of the PID Act and on October 20, 2015, the City Council made the findings required by Section 372.009(b) of the PID Act and, by Resolution No. 2015-145R, adopted by a majority of the members of the City Council, authorized the District in accordance with its finding as to the advisability of the improvement projects and services; and WHEREAS, following the adoption of Resolution No. 2015-145R, the City published notice of its authorization of the District in the San Marcos Record, a newspaper of general circulation in the City; and WHEREAS, no written protests of the District from any owners of record of property within the District were filed with the City Clerk within 20 days after the date of publication of such notice; and WHEREAS, on October 20, 2015, the City Council adopted a resolution approving the execution of the Financing Agreement, the Redemption Waiver Agreement and the Reimbursement Agreement; and WHEREAS, on March 27, 2016, the City published notice of its authorization of the District in a newspaper of general circulation in the City; and WHEREAS, no written protests of the District were filed by any owners of record of property within the District within 20 days after March 27, 2016; and